The IRS announced today the cost of living adjustments affecting the pension plan contribution limitations for tax year 2012. Many of the pension plan limitations for 2012 will increase due to the cost-of-living index adjustment. Some of the important changes are summarized below: The elective deferral (contribution) limit for employees who participate in 401(k), 403(b), most [...]
We are pleased to announce that Oleg Feldman has been selected to be part of Top Tier Legal Group, LLC. Top Tier Legal Group is a company that provides the general public with a network of some of the best, most trusted attorneys in the Southeastern Wisconsin. The company recruits attorneys that have been recommended to [...]
The IRS launched a new program that will enable many employers to resolve past worker classification issues at a low cost by voluntarily reclassifying their workers. This new program will allow employers the opportunity to get into compliance by making a minimal payment covering past payroll tax obligations rather than waiting for an IRS audit. [...]
We remember the heroes who risked their lives to save the lives of many. Dedicated to the memory of those lost in the September 11, 2001, terrorist attacks. "9/11 was one of the saddest days in American History. On 9/11 moment of silence is a must because we have to remember all of those who [...]
Recently, Illinois became one of the states to permit formation of low-profit limited liability companies (often called “L3Cs”), by adopting 805 ILCS 180/1-26, as added by P.A. 96-126 (the “Act”). The main advantages of L3Cs are their tax treatment and flexibility generally associated with the limited liability companies. Unlike traditional not-for-profit entities, L3Cs do not [...]
There aren’t many recent cases challenging companies’ hiring practices. This is primarily due to the secluded nature of the job interviews and the associated difficulties with proving such practices. However, if inappropriate interview questions are persistent and asked of multiple job applicants, an employer may find itself in a costly legal action, defending against the [...]
Individual income tax information by state and zip code for tax year 2008 is now available to download (in excel format) from the IRS TaxStats' website. Please click here to find the information or follow this link - www.irs.gov/taxstats/index.html. .................................................................................................................................. Should you have any questions regarding the above-mentioned issues or other tax-related matters, please contact [...]
Effective January 1, 2011, the Wisconsin legislature adopted a new law, intended to address perceived violations of the employee classification laws by the construction industry. The new law, 2009 Wisconsin Act 292 (the “Act”), gives the Wisconsin Department of Workforce Development (the “DWD”) substantial enforcing power to investigate and enforce worker misclassification issues involving employers [...]
Have you ever wonder why some employers have a union-free environment, have very low employee turnover, and high employee satisfaction, while others, have a workplace that has voted to a union representation or are constantly targeted by the union representatives? Often, the answer lies in the management style. 1. Inadequate Communication Frequently, when a union [...]
The Internal Revenue Service has announced an increase in the optional standard mileage rates for the final six months of 2011. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business and other purposes. The rate will increase to 55.5 cents a mile for all business miles [...]
